Here's my opinion on what is the rewind!
I think the reverse should not put it ...
In the end, however, has its usefulness ... Let me give you an example: You had taken the watch of Pete and you forgot to give it to Nick? Just rewind! 
this would! But should not be used instead to redo choices ... this yes!
In fact, I've only used it once to bring Kenny looking for Clem episode 5, since I had helped her family in every way possible..
What do you think?
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I think it's okay if you accidentally pressed the wrong button or made a decision you didn't mean to. Also if you're doing it for other purposes than just playing the game (making videos etc.)
If you intend to do another playthrough I suggest not going back and changing things the first time around. Just deal with everything as it comes, and in your next playthrough make different options to change your outcomes. In a new playthrough I don't think it matters, but definitely not for the first one.